Blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole. Blockchain technology has the ability to optimize the global infrastructure to deal with global issues in this space much more efficiently than current systems. The concept of blockchain has energized the financial services industry globally. The concept has already brought a disruption in the financial industry.

What are blockchain use cases and initiatives taken by financial services industry?

Imagine being able to move assets across borders and between institutions without paying huge transfer fees. By removing barriers, such as intermediary banks, prohibitive costs, interminable waiting periods, and regulatory restrictions, service providers connecting with the blockchain technology can open up financial systems to entire countries

The interest of financial institutions on blockchain is quite evident. Blockchain technology allows everyone to hold and make transactions as strangers but in a completely transparent manner. There is no mediator in between two people making the transaction, and the entire process becomes easier and cheaper. This concept can be applied to the entire digital world, making any kind of exchange/transactions secure.

A short description of each of the use cases:

App development: Proof of ownership of modules in app development

Digital content: Proof of ownership for digital content storage and delivery

Digital security trading: Ownership and transfer

Digitization of documents/contracts: Digitization of documents/contracts and proof of ownership for transfers

Decentralized storage: Decentralized storage using a network of computers on blockchain

Company incorporations: Digitizing company incorporations, transfer of equity/ownership and governance

Digital identity: Provides digital identity that protects consumer privacy

Escrow/custodian service: Escrow/custodian service for the gaming industry; loan servicing and e-commerce

IT portal: A smart contract IT portal executing order fulfillment in ecommerce/manufacturing

Digitizing assets: Improves anti-counterfeit measures

Reputation management: Helps users engage, share reputation and collect feedback

Prediction platform: Decentralized prediction platform for the share markets, elections, etc.

 Blockchain technology and Africa’s financial revolution

An obvious first application would be international remittance but many can emerge and Africa has the potential to make a technological and regulatory leapfrog, as is often the case for emerging markets.

NanoBNK Initiative

The aim of NanoBNK is to leverage blockchain technology to offer services like digital wallet and payment infrastructure. It is thus promoting an “affordable, faster and safer” user experience.

With the NanoBNK products like digital wallet and remittance, a user can simply log into his mobile application and initiate transactions rapidly through its simple and intuitive UI.The idea is to have an interface that the masses will understand, so that they can tap into the world of crypto-technologies.

The Anglo African team can assist you in unlocking the full potential of FinTech for the prosper of your business. If you have any queries, or if you would like further information, please contact us on 2331636 or by e-mail at contact@infosystems.mu.